Bitcoin Trimmed The Recent Gains, Key Breakdown Support Is Nearby

Bitcoin trimmed the recent gains but key breakdown support is nearby as we can see in our latest Bitcoin news today.

Bitcoin trimmed the recent gains and dropped below $21,000 so now it has to stay above $20,500 to avoid a huge drop in the near term. BTC failed to stay above this support and extended its drop.
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The price is trading below $21,500 and the 100 hourly simple moving average but there’s also a major bullish trend line forming near the $20520 support zone on the hourly chart. The pair can start another decline if there’s a move below $20,500.

The BTC price tried a close above the $22,000 level but the bears remained active and as a result, there was a steady decline below $21,500. the price dropped below the 50% fib retracement level of the move from the $19,300 swing low to the $22,498 high so the price is trading below the $21,500 level and the 100 hourly simple moving average. It will be testing the key $20,500 support zone and there’s also a major bullish trend line forming with the support at $20,520 on the hourly charts. The trend line is close to 61.8% fib retracement level from $19,300 to $22,498.

If BTC stays above this trend line it can correct above $20,800 and on the upside, the price will be facing resistance near the $20,800 and the $20,850 levels. The next key resistance is close to the $21,250 zone and the 100 hourly simple moving average so closing above this resistance could set the tone for revising the $22,000 level. More gains could open the doors for an increase to the $22,500 level and the next major resistance will be set at the $23,200 level.

If BTC fails to stay above the trend line support, it can continue moving down below $20,500 and the immediate support on the downside is $20,050. the next major support sits near $19,600 and a close below this zone could push the price to $19,000. in this case, there’s a risk of moving to $18,500 and the hourly MACD is gaining pace in the bearish zone.